Home Buying & Selling
August 17, 2023

Should You Renovate or Sell Your Home? How to Decide

Estimated reading time: 3 minutes

Deciding to move or remodel depends on your present and future goals. As your household shifts and changes, your home needs may also change. Perhaps your children have moved out, you’ve begun retirement, or you’ve gotten a new job.

While we can’t make the decision for you, we can help you figure out your needs! Let’s look at some reasons you may have for staying to remodel or selling your home to move.

Reasons to Sell Your Home and Move

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It’s More Cost Effective in Your Current Market

The real estate market across America has gone through a lot of changes in recent years. Nationally, we’re in a seller’s market with historically low inventory, according to an article released by Bankrate in July, 2023. However, some local markets are already starting to see falling home prices.

Working with a Real Estate Agent can give you insight on your market, changing home prices, and how to sell your home more effectively.

Your House Won’t be a Construction Zone

Living through renovations can be difficult, especially if you’re remodeling high traffic areas of your home. Construction can be loud, messy, and disruptive. According to experts, remodeling times can vary anywhere from several weeks to several months.

For some, moving is a much easier feat. For example, families with infant children may wish to save themselves from nap time or daily routines being interrupted.

Give Your Family a Fresh Start

You can always change a house, but not its neighborhood. When selling your home, you can give yourself and your family a fresh start. You can choose a better school district, different amenities to live near, or a better climate.

Reasons to Renovate Your Home

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Greater Financial Control

Sometimes, remodeling can be less expensive than selling your home and moving. When you’re selling, you need to prepare funds for sales and transfer taxes, closing costs, and more. Remodeling provides the flexibility to pick and choose what projects you’d like to take on, giving you greater financial control than moving would.

Stay in a Neighborhood You Love

A great neighborhood can be irreplaceable. If you have great neighbors and enjoy the area you live, remodeling allows you to change the things you dislike about your home while maintaining all the things you love!

Get Exactly What You Need

When you’re remodeling, you can customize and get exactly what you want and need. Renovations allow you to change the less-than-ideal elements of your home into things that are more in tune with your lifestyle. You can add energy efficient upgrades like windows and insulation, accessible features, structural changes, or aesthetic improvements.

Potentially Faster Than Moving

Depending on where you live, finding a new home can be time consuming. With limited national inventory and lightning fast turn around times on the market, you may be looking for a new home for longer than expected. According to a 2023 report from the National Association of Realtors, the average homebuyer spends ten weeks searching for a home to purchase.

Home Financing Your Way

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Whether you decide to sell your home or to remodel, Homestead Funding can help get you to the closing table! With our purchase or renovation refinance programs combined with our experienced Loan Originators, your dreams can be a reality. Contact us today to get started!

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Homestead Funding offers exceptional customer service and a convenient mortgage process. Whatever your financing needs, our goal is to exceed your expectations.